Acharya was on a holiday with his wife and two children when he fell and hit himself on the head. He was rushed to the Ambani Hospital in Nerul but was declared dead by doctors Saturday.
On hearing the news, his colleagues and friends in the industry mourned his death and expressed shock.
"My friend, future director, super funny wannabe beach bum and unbelievable human being Manish Acharya. I'm too shocked to say more, " Bollywood actress Priyanka Chopra posted on her Twitter account.
Added Sonam Kapoor: "Just found out about Manish Acharya, what a horrible tragedy. Love and condolences to his family. "
Acharya came to prominence with his debut film "Loins of Punjab Presents". His other films include "Sita Sings The Blues" and Zoya Akhtar's "Luck By Chance".
Actress Shabana Azmi, who worked with Acharya in "Loins of Punjab Presents", could not believe the news. "It's devastating. I got a tweet from him from Matheran, " she tweeted.
Film critic Rajeev Masand also remembered the talented director.
"Stunned to hear about Manish Acharya. Thoroughly enjoyed his first film. Had such fun recording a commentary for the DVD recently. He was so funny, always found humour in the strangest places. Could crack you up instantly. Was so charged about the next film!" he said.
Acharya, who worked as a camera assistant in Ken Ghosh's "Ishk Vishk" and was a cinematographer for a short film "Highway 403, Mile 39", was apparently planning a period drama based in the 1980s, according to industry sources.